Market Overview for MultiversX/Romanian Leu (EGLDRON)

• Price surged from 59.2 to 61.6, with a key breakout near 60.0.
• Volatility expanded significantly in the final hours, with large-volume bullish moves.
• EGLDRON traded in a tight consolidation before a sharp 7-hour bullish reversal.
• RSI reached 66, hinting at overbought conditions, with MACD in positive territory.
• Volume spiked in the 0745–0800 ET window, confirming the recent bullish momentum.

At 12:00 ET on 2025-09-05, EGLDRON opened at 59.2 (from 12:00 ET − 1), surged to a high of 61.6, dropped to 59.1, and closed at 60.9. Total volume over 24 hours was 1,623.89 units, with notional turnover at 99,809.89 RON. Price action featured a strong consolidation from 59.2–59.9, followed by a sharp breakout in the last 3.5 hours of the reporting window.

Structure & Formations

The pair formed a Bullish Flag pattern between 59.2 and 59.9, with a strong breakout above 60.0 on heavy volume. A large Bullish Engulfing candle at 2315–2330 ET confirmed the breakout. A Hammer pattern at 0115 ET signaled short-term support at 59.6. The price is currently near a key resistance level at 61.6 and appears to be forming a Bullish Pennant ahead of a potential retest.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA (a Golden Cross) around 0800–0815 ET, confirming bullish momentum. The 50-period MA at 59.8 has been a key support level. On a broader scale, the 50-period MA appears to align with the 61.6 level, potentially acting as a dynamic resistance in the coming hours.

MACD & RSI

The MACD turned positive at 0530 ET and showed increasing bullish divergence, peaking above 1.2 by 0830 ET, suggesting strong upward momentum. The RSI reached 66 by 0830 ET, indicating overbought territory. However, the price continued higher, which suggests buyers are aggressive and may push toward 62.0.

Bollinger Bands

Volatility expanded significantly in the 0745–0830 ET window, with the Bollinger Band width increasing from 0.3 to 0.9. The price closed just below the upper band at 61.4, suggesting a potential short-term overextension. A contraction phase in the 59.2–59.5 range preceded the breakout, hinting at a low-volatility consolidation before a directional move.

Volume & Turnover

Trading volume spiked at 0745 ET with 90.74 units at 61.1, confirming the breakout. The notional turnover spiked by 42% in the 0745–0815 ET window, aligning with the price move above 60.0. No clear divergence between price and volume was observed. The average volume per bar was 30.1 units, with a 20-hour spike at 61.1.

Fibonacci Retracements

Applying Fibonacci to the 59.2–61.6 move, the 38.2% retrace level at 60.7 was quickly passed, and the current price sits near 60.9, close to the 61.8% retracement level at 61.1. A move above 61.1 may target 61.8 as the next key level.

Backtest Hypothesis

The backtest strategy proposes a long position triggered by a Golden Cross of 20 and 50-period MAs on the 15-minute chart, with a stop-loss placed at the 20-period MA and a take-profit at 61.8. The recent Golden Cross at 0800–0815 ET would have triggered the strategy, aligning with the observed bullish breakout. Given the MACD divergence and RSI overbought conditions, this strategy could be validated with further directional strength.